Yes, you read that right – Google just announced that their new search index called Caffeine is live and complete. We’ve previously reported about Caffeine, and here it is!

With Caffeine, Google says “you can now find links to relevant content much sooner after it is published than was possible ever before.”

Google’s original index required an entire reindexing of the web before pages that were discovered were made available to you, the user. With this release, new and updated pages are added straight to Google’s index without the delay of old. This means the Internet that Google reveals to you is fresher and more up to date than ever before.

Google says that its “built Caffeine with the future in mind” and its aim is to “keep up with the evolution of the web and to meet rising user expectations.”

The timing of the release is interesting, as they probably had this ready for Google I/O but decided to hold off – perhaps until all of the iPhone 4 / WWDC rumors had dissipated? And yes, as the iPhone 4 will continue to feature Google search, maybe Google thought that this would be a good time to bring Caffeine front and center.

Of course, this goes way beyond the iPhone to the very fabric of the Web, and could provide a tremendous boast to not only Google’s stock price, but also to its ad revenue, including perhaps from newly acquired AdMob if it works as well as Google has advertised. We’ll just have to wait and see.